PF(EPF) Updates

Employee provision act-1952" It is also called employee social security feature as below manner:

1-Medical.

2-Education.

3-House.

4-Motor.

5-Old age security. 

6-Good interest.  

                             

*Some more EPFO main pints are below manner :

    

1-If any company register in EPFO Act. 1952 of India then all are covered (processed Form-2) but employee contribution minimum should now Rs.15000 pm. criteria use while Form 11 filed for exempted

 employee(Those don';t wish PF a/c).

2-Employee can live normal life.

3-employer register their company.

4-controlling authority EPFO.

5-If EPF law follow by employer then some penalties,fine on employer.

6-EPF law applicable where 20 or more employee work last 12month/yr in any Day.

7-If any employee PF contribution Min.Rs.15000(Basic)+DA+RA(Redundance Allowance).

8-If any employee basic is equal to  less than Rs.15000pm. he';ll compulsory contribute on PF a/c.

9-It also called EPF or EPF wages.

10-Optional scheme those like/dislike employee contribute to PF.

11-Technically point of view all benefits given by only on by EPFO India.

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*Benefits of EPF A/c :

1-Employee can withdraw some fund & Advance loan etc.

2-EPFO of India provide EPS(employee pension scheme).

If any employee serve Min.10year any organization then he'll illegible for EPS & EPFO 

give 8.75% interest continuously if employee contribution Mini.3Yr only &

 now Min.Rs.100pm pension will  given to employee on age 58 yr(Super Anuation Age).

If employee processed Form-10C before 10yr then EPFO india can give him total PF fund & 

No pension will given to that employee.

3-If any employee exit their job before SIX-Month & processed their Form-19 & Form-10 C 

then at the time PF withdrawal then employee got employee contribution PF fund only that not get 

employer PF fund contribution toward employee .

If employee PF withdraw employee after some years then TDS (updated 2015) also deducted from 

employee PF account.

4-Employee EPF contribution is 12%pm.-20%pm Of Basic+DA Only  & now employer contribution 13.36%pm. 

(Updated 2015) where 3.67%pm.(epf-eps),8.33%pm.(Maxi-Rs.1250pm.on 15000Basic+DA)

while 1.36%pm. of basic+DA( 0.85%pm.EPF Amin charge Mini.Rs.75-500(Updated Jan.2015),

 0.50% EDLI contribution Min.Rs.33-75pm.,EDLI Amin Charge 0.01% Min.Rs.200pm.)

(Rest of All charge update in 2013-14). 

*EDLI(employee deposit linked insurance) Scheme:  

                                   

1-It is provide by LIC only for employee Accidental death only contribution (EDLI fund)

 by employer.

2-Now employee financial support by Rs. 3.60Lac(Updated 2014) to their 

dependent.

3-If employee provide service better than EDLI services then employer can Exempted

 from EDLI scheme then employer have to show proof in front of EDLI.

4-If any employee contribute in EPF & EPS then only EDLI fund applicable only.

5-If any employee on duty got death then Job'll given to their dependent so more updates 

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6-Every month EPF remittances of contribution (EPF Act 1952) On/Before 15th Date must 

otherwise late fine charge bear by employer so further knowledge keep touch with our Blog.

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